SPOLYTECH Turns Profitable in Q1 but Financial Concerns Remain

Consolidated net profit turned to 2.12 billion KRW (vs loss of 1.37 billion in prior quarter), operating profit 0.33 billion
Revenue 17.64 billion KRW (+11.1% QoQ)
Debt ratio 95.9%, net debt ratio 20.6%, borrowings 42.43 billion (cash 27.16 billion)
Credit rating BB- (NICE), auditor changed to Samil (due to weak financial metrics)
CEO joint guarantee of 28.65 billion (contingent liability on borrowings)
Operating cash flow -2.39 billion KRW (worsened from -1.67 billion)
Allowance for trade receivables 4.46 billion (23.2% coverage), inventory valuation allowance 1.45 billion